DOCSLIB.ORG

GOAL Global Opportunity Asset Locator Outlook for 2021 Rotation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

20 November 2020 | 5:46PM GMT GOAL: Global Opportunity Asset Locator Outlook for 2021: Rotation inoculation — remain pro-risk Christian Mueller-Glissmann, CFA +44(20)7774-1714 | christian.mueller- [email protected] Goldman Sachs International Alessio Rizzi n We are pro-risk for 2021 and expect the pro-cyclical rotation across and within +44(20)7552-3976 | [email protected] assets to continue, supported by a strong economic recovery from the COVID-19 Goldman Sachs International Cecilia Mariotti shock. With a favourable growth/inflation mix and still elevated equity risk premia +44(20)7552-0450 | [email protected] we are OW equities and UW bonds. With tighter credit spreads we are N credit Goldman Sachs International but still see opportunities to move down in quality. Over a 12m horizon we are Andrea Ferrario +44(20)7552-4353 | OW commodities (N for 3m), supported in particular by a bullish oil view. [email protected] Goldman Sachs International n While absolute equity valuations are high after the sharp recovery, they remain Peter Oppenheimer +44(20)7552-5782 | attractive vs. bonds. And equities should be able to digest a gradual increase in [email protected] bond yields better than fixed income as long as they come alongside better Goldman Sachs International David J. Kostin growth. We expect more rotation within equities – the leadership in regions, +1(212)902-6781 | [email protected] sectors and styles has been unusually defensive in the recovery. Goldman Sachs & Co. LLC Kathy Matsui n Our Risk Appetite Indicator (RAI) has turned positive, which alone is not a +81(3)6437-9950 | [email protected] Goldman Sachs Japan Co., Ltd. bearish signal. In the past when the RAI shifted positive the macro backdrop was Timothy Moe, CFA similarly strong. We expect growth to take over from the search for yield as the +852-2978-1328 | [email protected] Goldman Sachs (Asia) L.L.C. main driver. Renewed COVID-19 concerns might weigh on sentiment in the near Jeffrey Currie term but we think growth pricing across assets remains relatively conservative. +44(20)7552-7410 | [email protected] Goldman Sachs International For the exclusive use of [email protected] n Four multi-asset themes for 2020: (1) Managing duration frustration – higher Lotfi Karoui equity duration risk, (2) Time to give credit to equity, (3) Commodity commotion +1(917)343-1548 | lotfi[email protected] Goldman Sachs & Co. LLC and oil price recovery and (4) Diversification desperation continues. Zach Pandl +1(212)902-5699 | [email protected] n We highlight four risks for 2020: (1) Second-wave risks and inoculation Goldman Sachs & Co. LLC disappointments, (2) Concentration, regulation, taxation, (3) Inflation and rates Kamakshya Trivedi +44(20)7051-4005 | volatility and (4) Policy uncertainty. [email protected] Goldman Sachs International n Positioning was at bearish or neutral levels for most of 2020, but recently there Praveen Korapaty has a been a bullish shift in investor sentiment. Still, we think positioning can +1(212)357-0413 | [email protected] Goldman Sachs & Co. LLC pick up further in 2021 given our constructive view on next year. 7f100ca895df11e0bb4300215ace2648 Caesar Maasry n Volatility across assets reset sharply lower last month, with implied levels for a +1(212)902-8763 | [email protected] lot of markets nearing or at all-time lows – we look at selective hedges. Goldman Sachs & Co. LLC This report is intended for distribution to GS institutional clients only Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Goldman Sachs GOAL: Global Opportunity Asset Locator Table of Contents Asset allocation: Remain pro-risk — focus on cyclical exposure 3 Multi-asset: Rotation inoculation 6 Risks: Inoculation, Concentration, Inflation, Politics 16 Multi-asset positioning: More bullish sentiment but little rotation so far 19 Multi-asset volatility: Lower but no low-vol regime — hedge opportunities 21 Equities (3m & 12m Overweight): The bull run in 2021 25 Government Bonds (3m & 12m UW): Robust recovery, shallow selloff 31 Credit (3m &12m Neutral): Same direction, different magnitude 36 Commodities (3m N and 12m OW): REVing up a structural bull market 40 FX: Dollar downtrend 45 Calendar: Key events in 2021 51 Asset class forecast returns and performance 52 Key macro forecasts 53 Disclosure Appendix 54 For the exclusive use of [email protected] 7f100ca895df11e0bb4300215ace2648 20 November 2020 2 Goldman Sachs GOAL: Global Opportunity Asset Locator Asset allocation: Remain pro-risk — focus on cyclical exposure We are pro-risk for 2021 and expect the pro-cyclical rotation across and within assets to continue, supported by a strong economic recovery from the COVID-19 shock. With a favourable growth/inflation mix and still elevated equity risk premia we are OW equities and UW bonds. With tighter credit spreads we are N credit but still see opportunities to move down in quality. Over a 12m horizon we are OW commodities (N for 3m), supported in particular by a bullish oil view. Our tactical trade ideas across assets have a pro-cyclical flavour, supported by our strong, above-consensus global growth outlook and expectations for easy monetary policy. The rotation might be bumpy with renewed COVID-19 waves and as US fiscal stimulus is likely pushed to next year. We would use any volatility to re-risk as markets are likely to focus increasingly on the recovery next year – we also look for overlay hedges post the reset in cross-asset volatility. Exhibit 1: We are pro-risk in our asset allocation for 2021 3-Month Horizon 12-Month Horizon Asset Class Weight** Asset Class Weight** Equities OW Equities OW MSCI Asia Pac ex Japan ↑ 1 S&P 500 → STOXX Europe 600 ↑ 2 MSCI Asia Pac ex Japan → TOPIX ↑ 4 TOPIX → S&P 500 → 3 STOXX Europe 600 → Cash N Commodities OW Credit N Credit N EMBI ↑ 1 EMBI ↑ USD HY ↑ 2 EUR HY → EUR HY ↑ 3 USD HY → EUR IG → 4 EUR IG → USD IG ↓ 5 USD IG → Commodities N 6 Cash N 10 yr. Gov. Bonds UW 10 yr. Gov. Bonds UW US ↑ 2 Germany → Japan → 1 Japan → Germany → 3 US ↓ For the exclusive use of [email protected] ** Arrows denote preferences within asset classes. Source: Goldman Sachs Global Investment Research We are OW equities (3m and 12m) and expect strong returns across regions. Valuation expansion drove the equity recovery from the COVID-19 shock, consistent with the ‘Hope’ phase – in 2021 earnings should take over as the main driver as markets transition to the ‘growth’ phase. We forecast strong earnings growth across regions, mostly above consensus. With elevated equity risk premia and a gradual increase in rates we see absolute valuations, while high, as well-supported. We do not have strong regional preferences for 12m – forecast returns in Dollar are similar. For 3m we are OW 7f100ca895df11e0bb4300215ace2648 non-US markets as they should benefit more from a cyclical recovery. We generally prefer cyclical and value and have reduced defensive/growth exposures. Marquee is a product of Key Ideas: US: High growth investment (GSTHHGIR); Europe: Fiscal Infrastructure the Goldman Sachs Global (GSSTFISC), Recovery (GSSTRCOV), Renewables (GSSBRNEW); Asia ex Japan: Digital Markets Division Dozen (GSSZDG12), Global cyclicals vs. defensives (GSSZMSGC vs. GSSZMSDF), Japan: Capex (GSJPCPEX), Cyclicals (GSJPCYCL), Womenomics (GSJPWJDL); EM: LatAm, long banks vs. consumer staples, Long Korea vs. Taiwan. 20 November 2020 3 Goldman Sachs GOAL: Global Opportunity Asset Locator We are UW bonds (3m and 12m) but see modest downside due to muted inflation pressures and central banks on hold. We forecast modestly higher yields across most of the G10 – YE2021 10yr forecasts: US 1.3%, Germany -0.4%, Japan 0.10% and UK 0.5%. Bond risk premia should drive much of the repricing – we expect yield curves to steepen. The US real yield curve could steepen significantly with large declines in front-end real yields, especially if our bullish oil view materialises. With low global bond yields we think bonds are unlikely to be good hedges for equities; however, pronounced sell-offs could present tactical opportunities to add duration as a hedge as we think yields will remain range-bound until there is a sustainable pick-up in realised inflation. Key Ideas: Long 3y1y forward US real yields, Long (1.65:1) 1y forward 5s30s steepeners, Long 2s30s Gilt curve steepeners, Long 10y10y-2y2y HICP curve flatteners. We are N credit (3m and 12m) due to limited total return potential. Credit spreads should continue to inch to their pre-COVID-19 levels. While near-term growth may prove bumpy, a better outlook for next year following recent positive vaccine developments, the accommodative stance of monetary policy, direct central bank interventions and a supportive supply/demand technical backdrop should support credit risk appetite. Valuations limit long-term upside relative to the stellar performance since late March, but credit will likely deliver decent excess returns and solid Sharpe ratios. We generally favour a down-in-quality stance and pro-cyclical and “disrupted” sectors. Key Ideas: Long High Yield vs. Investment Grade in the USD cash market (1 to 1.15 notional), Long USD Investment Grade bonds vs. agency MBS, Long EUR AT1 vs. High Yield bonds, Long US AAA CLOs vs. AAA CMBX index, Long EM HY credit. We are N commodities for 3m and shift OW for 12m as we see a new structural bull market emerging in 2021. As demand recoveries meet restrained supply due structural under-investment, we see upside in most commodities. Non-energy commodities face immediate upside supported by Chinese demand and adverse weather shocks.
Recommended publications
  • Stone Soup Spring 2019

    Stone Soup Spring 2019

    Spring 2019 & Spring Classes Catalogue The Journal of the San Geronimo Valley Community Center Rolling Stones St. Patrick’s Day by Dave Cort, Executive Director Youth Talent Show By Howie Cort Community Center “We Have a Really Big Shew Tonight” - Ed Sullivan th 50 Anniversary Year First there was The Ed Sullivan Show on Sunday nights. Then there was America’s Got Talent, followed by American Idol, but none of these shows can compare to our sweet, down-home, annual St. Patrick’s Day Talent Show. If you have been to this event you know what I’m talking about. Our Valley kids get up on the stage and open themselves Honoring The Past and their hearts to the audience by singing, dancing, reciting poetry, telling stories, jokes, and playing their instruments. It is an evening where our community of family and friends gather together to celebrate what’s really important: the children and youth Embracing The Present of our Valley. The evening is set up in three parts. The younger kids, between the ages of 5 to 10, will perform in the first act that will start at 4 p.m. and last until 5 p.m. We will take a break and, for an additional fee, you can enjoy a delicious dinner, along with Planning For The Future beverages and sweets. At 6 p.m., the second half will begin with the older kids. Instead of Ed Sullivan, we have MC extraordinaire Jasper Thelin and his amazing assistant Alexander McQuilkin who will entertain the audience and introduce the acts for the It is such an honor for me to be serving as Executive Director of the San Geronimo Valley show.
  • Rich Corporations Poor Societies

    Rich Corporations Poor Societies

    Rich corporations, poor societies: The financialisation of Apple By Rodrigo Fernandez (SOMO) and Reijer Hendrikse October 2015 Contents 1 Introduction ..................................................................................................... 3 2 Corporate financialisation .................................................................................. 5 3 The financialisation of Apple ............................................................................10 3.1 A short overview ......................................................................................10 3.2 Offshoring/outsourcing production ...............................................................12 3.3 Offshoring paper trails ...............................................................................13 3.4 Apple’s cash pile ......................................................................................15 3.5 A corporate cash machine .........................................................................17 4 Conclusion .....................................................................................................19 Glossary .............................................................................................................21 Colophon ............................................................................................................22 1 Introduction At the dawn of the new millennium, Apple Inc. stands as the epitome of a digitalised and globalised economy shaped by information and communication technologies. A world
  • People and Events Behind the Fractal Images

    People and Events Behind the Fractal Images

    People and Events Behind the Fractal Images When asked to write this article I, without space limitation, have unleashed a flood of recollections about some men and some ideas involved in the art of fractals, including both art for art’s sake and art for the sake of science. A few of these recollections may even qualify as history, or perhaps only as what the French call le petite histoire. As some readers may already know, history for me is forever a part of the present. The Prehistory of some fractals-to-be: Poincaré. Fricke & Klein, and Escher To begin, while fractal geometry dates from 1975, it is in many ways important to know that a number of shapes now called fractals have been known for a much longer time. But surprisingly few had actually been drawn before the computer era. Most were self- similar or self-affine, and represent the artless work of the draftsmen on the payroll of science publishers. Also, there are renditions of physical and simulated Brownian motion in the book by Jean Perrin, Les Atomes, and William Feller’s Introduction to Probability. These renditions have helped me dream in fruitful ways (as told in my 1982 book Figure The Fractal Geometry of Nature p. 240), but they are not beautiful. Fractals-to-be-occur in the work of Fatou and Julia circa 1918, but they led to no illustrations in their time. However, Poincaré’s even earlier works circa 1890 do include many sketches, and two very different nice stories are linked with illustrations that appeared shortly afterwards, in the classic book Vorlesugen Ôber die Theorie der automorphen Functionen, Fricke & Klein 1897.
  • HUL, HUL.U Harvest US Equity Plus Income

    HUL, HUL.U Harvest US Equity Plus Income

    Harvest US Equity Plus Income ETF HUL, HUL.U Meeting Date Range: 01-Jul-2019 - 30-Jun-2020 Proxy Voting Report APPLE INC. Security: 037833100 Agenda Number: 935121563 Ticker: AAPL Meeting Type: Annual ISIN: US0378331005 Meeting Date: 2/26/2020 Prop. # Proposal Proposed by Proposal Vote For/Against Management's Recommendation 1A. Election of Director: James Bell Mgmt For For 1B. Election of Director: Tim Cook Mgmt For For 1C. Election of Director: Al Gore Mgmt For For 1D. Election of Director: Andrea Jung Mgmt For For 1E. Election of Director: Art Levinson Mgmt For For 1F. Election of Director: Ron Sugar Mgmt For For 1G. Election of Director: Sue Wagner Mgmt For For 2. Ratification of the appointment of Ernst & Mgmt For For Young LLP as Apple's independent registered public accounting firm for 2020 3. Advisory vote to approve executive Mgmt For For compensation 4. A shareholder proposal entitled "Shareholder Shr Against For Proxy Access Amendments" 5. A shareholder proposal relating to Shr Against For sustainability and executive compensation 6. A shareholder proposal relating to policies on Shr Against For freedom of expression APPLIED MATERIALS, INC. Security: 038222105 Agenda Number: 935126258 Ticker: AMAT Meeting Type: Annual ISIN: US0382221051 Meeting Date: 3/12/2020 Prop. # Proposal Proposed by Proposal Vote For/Against Management's Recommendation 1A. Election of Director: Judy Bruner Mgmt For For 1B. Election of Director: Xun (Eric) Chen Mgmt For For 1C. Election of Director: Aart J. de Geus Mgmt For For 1D. Election of Director: Gary E. Dickerson Mgmt For For 1E. Election of Director: Stephen R.
  • October 24–26, 2021 2

    October 24–26, 2021 2

    SCIENCE · INNOVATION · POLICIES WORLD HEALTH SUMMIT BERLIN, GERMANY & DIGITAL OCTOBER 24–26, 2021 2 “No-one is safe from COVID-19; “All countries have signed up to Universal no-one is safe until we are all Health Coverage by 2030. But we cannot safe from it. Even those who wait ten years. We need health systems conquer the virus within their that work, before we face an outbreak own borders remain prisoners of something more contagious than within these borders until it is COVID-19; more deadly; or both.” conquered everywhere.” ANTÓNIO GUTERRES Secretary-General, United Nations FRANK-WALTER STEINMEIER Federal President, Germany “We firmly believe that the “All pulling together—this must rights of women and girls be the hallmark of the European are not negotiable.” Health Union. I believe this can NATALIA KANEM be a test case for true global Executive Director, United Nations Population Fund (UNFPA) health compact. The need for leadership is clear and I believe the European Union must as- sume this responsibility.” “The lesson is clear: a strong health URSULA VON DER LEYEN system is a resilient health system. Health President, European Commission systems and preparedness are not only “Governments of countries an investment in the future, they are the that are doing well during foundation of our response today.” the pandemic have not TEDROS ADHANOM GHEBREYESUS Director-General, World Health Organization (WHO) only shown political leader- ship, but also have listened “If we don’t address the concerns and to scientists and followed fears we will not do ourselves a favor. their recommendations.” In the end, it is about how technology SOUMYA SWAMINATHAN Chief Scientist, World Health can be advanced as well as how Organization (WHO) we can make healthcare more human.” BERND MONTAG President and CEO, Siemens Healthineers AG, Germany “The pandemic has brought to light the “Academic collabo ration is importance of digital technologies and in place and is really a how it can radically bridging partnership.
  • Apple Finance Chief Retiring (Update) 4 March 2014

    Apple Finance Chief Retiring (Update) 4 March 2014

    Apple finance chief retiring (Update) 4 March 2014 Maestri joined Apple in March of last year and was said to already be managing most of the California- based company's financial matters. Maestri's professional background spans more than 25 years and includes stints as chief financial officer at Xerox and Nokia Siemens Networks, now called Nokia Solutions and Networks, according to Apple. "I am confident he will be a great CFO at Apple," Cook said of Maestri. "When we were recruiting for a corporate controller, we met Luca and knew he would become Peter's In this Tuesday, May 21, 2013, file photo, Apple chief successor." financial officer Peter Oppenheimer, testifies on Capitol Hill in Washington. Oppenheimer will retire in September Oppenheimer said in a release that after 18 years 2014 and will be replaced by the company's corporate working at Apple, he was going to take time for controller. The announcement Tuesday, March 4, 2014, himself and his family. His stated plans for the comes one day after Goldman Sachs named future included traveling the world and completing Oppenheimer as one of its 13 board members. (AP the requirements for a pilot's license. Photo/J. Scott Applewhite, File) © 2014 AFP Apple on Tuesday announced that the chief finance officer who served during the company's meteoric rise over the past decade is retiring later this year. Peter Oppenheimer will leave in September, turning the position over to Luca Maestri, according to the maker of iPhones, iPads, iPods and Macintosh computers. "Peter has served as our CFO for the past decade as Apple's annual revenue grew from $8 billion to $171 billion and our global footprint expanded dramatically," Apple chief executive Tim Cook said in a release.
  • D20- LTIC & Finance in Common Summit

    D20- LTIC & Finance in Common Summit

    D20- LTIC & Finance in Common Summit On the occasion of the Italian G20 Presidency Enrico Petrocelli, Head of International Institutional Relations, Cassa Depositi e Presti Cassa Depositi e Prestiti Investing in Tomorrow 2021 International events hosted by Italy Youth4Climate: Driving Ambition” Special event for young people 28-30 September, Milan PreCop26 Summit Preparatory Meeting 30 September-2 October, Milan This year Italy chairs the Group of Twenty for the first time since its inception. The COP26 led by UK in co-partnership with Italy will provide the The three keywords embody the overarching opportunity to reinforce a joint commitment in support of common priorities of the Italian G20 Presidency and these actions for climate and sustainable development are People, Planet and Prosperity 2 D20-Long Term Investors Club D20- Long Term Investors Club (D20-LTIC) What is the D20-LTIC? • Club that brings together 21 financial institutions and institutional investors from 4 continents • Founding Members: Cassa Depositi e Prestiti (CDP), Caisse des dépôts et consignations (CDC, France), Kreditanstalt für Wiederaufbau (KfW, Germany), European Investments Bank (EIB) • Created to meet the demand for long-term investments in infrastructure (transport, TLC, energy and urbanization), innovation and environment in advanced and developing countries 4 D20- Long Term Investors Club (D20-LTIC) Club objectives • Improve the conditions for long-term investments for growth • Formulate policy recommendations addressed to international public institutions (G20) • Encourage the exchange of best practices and strengthen cooperation among Club members 5 D20-LTIC & G20 1 The Club's Agenda has progressively aligned itself with that of the G20 In 2019, LTIC was renamed «D20 Long-Term Investors Club» (D20-LTIC).
  • Creating Compliance with G20 and G7 Climate Change Commitments Through Global, Regional and Local Actors

    Creating Compliance with G20 and G7 Climate Change Commitments Through Global, Regional and Local Actors

    Creating Compliance with G20 and G7 Climate Change Commitments through Global, Regional and Local Actors John Kirton, Brittaney Warren and Jessica Rapson University of Toronto Paper prepared for the annual convention of the International Studies Association, April 7–10, 2021. Version of April 1. Key words (three tags): G20, G7, climate change Abstract The greatest global change, where the process of globalization is now complete, is climate change and the existential threats it brings. How do the central global governance institutions of the Group of Seven (G7) major democratic powers from the rich North and the Group of 20 (G20) systemically significant states, including countries of the emerging South, create and comply with commitments to control climate change, by working with key actors at the multilateral, regional, sub-national, local and civil society levels? Using data and previous findings from the Global Governance Program, this paper analyzes how the compliance of G7 and G20 members with their leaders’ summit climate change commitments is affected by invoking the International Monetary Fund and World Bank Group, by invoking the Organisation for Economic Co- operation and Development, European Union, the United States–Mexico–Canada Agreement and the Asia- Pacific Economic Co-operation forum, and by invoking local actors such as sub-national states and provinces, cities, and business, as well as Indigenous Peoples. It identifies ways in which the involvement of such “local” actors can improve compliance, through their inclusion in the substance of G7/G20 commitments and through the civil society engagement groups that seek to shape those commitments. It recommends that, to improve compliance, G7 leaders make more climate change commitments, make more highly binding ones, focus them on the United Nations Framework Convention on Climate Change’s Glasgow Summit and link them to sustainable development.
  • 8-11 July 2021 Venice - Italy

    8-11 July 2021 Venice - Italy

    3RD G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING AND SIDE EVENTS 8-11 July 2021 Venice - Italy 1 CONTENTS 1 ABOUT THE G20 Pag. 3 2 ITALIAN G20 PRESIDENCY Pag. 4 3 2021 G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETINGS Pag. 4 4 3RD G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING Pag. 6 Agenda Participants 5 MEDIA Pag. 13 Accreditation Media opportunities Media centre - Map - Operating hours - Facilities and services - Media liaison officers - Information technology - Interview rooms - Host broadcaster and photographer - Venue access Host city: Venice Reach and move in Venice - Airport - Trains - Public transports - Taxi Accomodation Climate & time zone Accessibility, special requirements and emergency phone numbers 6 COVID-19 PROCEDURE Pag. 26 7 CONTACTS Pag. 26 2 1 ABOUT THE G20 Population Economy Trade 60% of the world population 80 of global GDP 75% of global exports The G20 is the international forum How the G20 works that brings together the world’s major The G20 does not have a permanent economies. Its members account for more secretariat: its agenda and activities are than 80% of world GDP, 75% of global trade established by the rotating Presidencies, in and 60% of the population of the planet. cooperation with the membership. The forum has met every year since 1999 A “Troika”, represented by the country that and includes, since 2008, a yearly Summit, holds the Presidency, its predecessor and with the participation of the respective its successor, works to ensure continuity Heads of State and Government. within the G20. The Troika countries are currently Saudi Arabia, Italy and Indonesia.
  • Case Study: Where Have All the Processors Gone?

    Case Study: Where Have All the Processors Gone?

    The Synergist: How to Lead Your Team to Predictable Success Case Study: Where Have All The Processors Gone? It’s hard to find a good, single, stand alone case study for a Processor. It’s not that they are less common than Visionaries or Operators. It’s just that by the very nature of who they are, they eschew the limelight. They prefer to work behind the scenes making sure the systems and processes are in place to allow good organizations to become great organizations. They care little about seeking public praise or adulation. You don’t often see a Processor striding up and down the stage at the annual company retreat, representing the business at a charity event or giving interviews to the local news station. Instead you’ll be more likely to find them making sure that what the company does today is repeatable, consistent and scalable tomorrow and into the future. In many ways they are the unsung hero of our three natural styles. That’s not to say there aren’t examples of them out in the wild. And it’s not to say that at times we wouldn’t want a Processor in charge. We shouldn’t conflate the cult of the Visionary or the get it done mentality of the Operator with good leadership. Yes, quite often, particularly during the early stages of a company’s growth we need a good V or O in charge. But there are occasions when we need the structured, methodical thinking of a P to put in place the systems and processes needed to stable the ship and get us sailing in the right direction again.
  • Japan-EU Summit 2021 Joint Statement

    Japan-EU Summit 2021 Joint Statement

    Japan-EU Summit 2021 Joint Statement Taking forward a flourishing partnership 1. We, the leaders of Japan and the European Union (EU), convened to take forward our close and comprehensive partnership, grounded in common interests and shared values of freedom, respect for human rights, democracy, the rule of law, free and fair trade, effective multilateralism and the rules-based international order. Two years after the start of their implementation, the Japan- EU Economic Partnership Agreement and Strategic Partnership Agreement are strengthening our ability to bring tangible benefits to our citizens. Today the COVID-19 pandemic, the growing impacts of climate change and new security challenges in the Indo-Pacific and worldwide make our cooperation more necessary than ever. 2. We are joining forces to: (i) defeat the COVID-19 pandemic and build more resilient, inclusive, green and digital economies, (ii) facilitate trade between us, step up joint work on connectivity and development cooperation, and increase our research, innovation and industrial cooperation and (iii) deepen our collaboration in promoting international peace and security, democracy, human rights, gender equality and the rule of law. 3. Working together through the United Nations (UN), G7, G20, the World Trade Organization (WTO), OECD, ASEM, ARF and other fora, we will continue to show leadership in responding to global challenges and accelerating the implementation of the 2030 Agenda for Sustainable Development, the Paris Agreement and the Addis Ababa Action Agenda. We are determined to uphold the rules-based international order with the UN at its core and to strengthen multilateral institutions to make them fit to deal with the realities of the 21st century.
  • Another Giant Mining Fortune Represented in the Pilgrims Society (History’S Biggest Pandora’S Box!)

    Another Giant Mining Fortune Represented in the Pilgrims Society (History’S Biggest Pandora’S Box!)

    ANOTHER GIANT MINING FORTUNE REPRESENTED IN THE PILGRIMS SOCIETY (HISTORY’S BIGGEST PANDORA’S BOX!) Presented October 2017 by Charles Savoie Refused coverage by Dave Janda, Greg Hunter, And dozens of “alt media” You Tube channels! Refused coverage by 24 Hour Gold, Silver Seek, And the rest of the “Ha-Ha” Parade! (Save this in your Downloads File; read in several sessions.) In April we reviewed details on James Ben Ali Haggin (1827- 1914, Episcopalian; Pilgrims Society member known as “the greatest mine owner on earth”) in “Silver Mining Kingpin Opposed Silver Money.” In August we reviewed the Guggenheim mining dynasty in “Vast Mining Fortune Represented in Pilgrims Society World Money Trust.” This item will be about the South Africa Oppenheimer mining fortune (diamonds, gold, platinum, uranium, titanium, zinc, copper, cobalt, coal, chemicals, manganese, rhodium, nickel, iron etc.) and there was a marriage in 1660 between the Guggenheims and Oppenheimers, back in the Old World. Not only that, but Jakob Oppenheimer ran a bank at Hanover, Germany, where the first Rothschild was an apprentice during 1757-1763! Samuel Oppenheimer (1630-1703) was military supplier to King Leopold I of Hungary, Croatia and Bohemia. The Guggenheims appear to have mostly died out and those still bearing that name being of lesser influence, the fortune shifting into Episcopalian hands (The Lawson-Johnstons, Episcopalians and Pilgrims Society members). I realize those releases were way longer than most metals investors are used to reading (539 pages together) but the background on Haggin, the Guggenheims and the Lawson-Johnstons is extensive, and in fact, I only provided a basic outline on both.